Douglas Wilson has been retained as a court appointed examiner in several pending insolvency cases. These examiner assignments generally entail investigation of certain aspects of the debtor or the debtor’s business and financial operations. By way of comparison, the role of the trustee is to operate the business of the debtor whereas the role of the examiner is to investigate and report to the court. The examiner is appointed in a bankruptcy for the purpose of reviewing certain aspects of the operation of a Chapter 11 debtor and in many times to aid the court and the parties on whether a trustee appointment is warranted. If a party is appointed as an examiner, that same party cannot be appointed as a trustee in that same case.

Douglas Wilson Companies has been involved in hundreds of receiver cases. Receiverships involve taking possession of a separate entity or enterprise where the custodial responsibility is set by order of court. Receiverships can include tangible and intangible assets. Generally, receiverships are commonly used in cases where a company cannot meet its financial obligations or fraudulent activity is suspected or partners cannot agree as to control. Receiverships are extraordinary remedies and very detailed court orders are imposed defining the receiver’s rights and duties.  

Douglas Wilson Companies has acted as a court appointed special master in several matters. In this role, DWC acts as an officer of the court generally reporting to it on or controlling activities of the parties or their property that is the subject of litigation.

DWC has acted as a designated Liquidating Trustee or Agent relative to numerous assignments. This line of service is generally associated with a court or agreement driven asset liquidation process. The Liquidating Trust is set up as part of this process to hold title and facilitate the liquidation of one or more assets. DWC acts as the fiduciary responsible for appropriate asset preservation and maximization of value through the liquidation process. Often these responsibilities include: asset management; asset repositioning; asset evaluation; and other aspects of the pending liquidation process.

Douglas Wilson Companies has on staff public accountants and supporting personnel that perform forensic accounting services in matters where it is engaged. Forensic accounting generally involves an analysis of the historical financial activities and records of an individual or entity that is under dispute or suspected of bad acts. Generally these services are provided when DWC is engaged as a fiduciary. Essentially, DWC forensic accounting services are employed to determine fraud and/or trace assets that have been transferred in a fraudulent scheme or due to some other inappropriate actions.

Douglas Wilson Companies acts under a contractual relationship to take legal and equitable title, as well as custody and control of the property, of an insolvent. It takes this property as an ("Assignee") in the form of a quasi trust. As the Assignee, DWC will apply the proceeds from the sale of the insolvent’s assets to its creditors in accord with state law. An assignment for the benefit of creditors is an alternative to bankruptcy. It is designed to save time and expense by concluding the affairs of an insolvent much faster and more efficiently than a bankruptcy proceeding.

DWC has acted in a supporting role to Official Creditors’ Committees established under the auspices of the United States Bankruptcy Code. In this supporting role, DWC provides analysis services relating to asset restructure, value and disposition. This includes real estate assets but also real estate centric operating assets. DWC assists the Committee, and its members, with regard to claims analysis as well as strategy options associated with possible alternatives relative to maximum claim recovery.

Douglas Wilson Companies has acted as a Chief Restructuring Officer in several matters. Generally under this role, DWC would act as an independent third party to deal with an impending insolvency issue or a formal bankruptcy case. In this role, DWC would provide its expertise to restructure the financial obligations and/or business operations to meet the events or causes of the insolvency. CROs are sometimes seen as an alternative to using a trustee in bankruptcy because of their innate knowledge in their particular field of business. CROs have sometimes been compared to “turnaround” consultants although the CRO differs from a turnaround consultant in that the CRO is an official of the company and has executive power.

A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers will solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the focus of attracting new money to make promised payments to earlier-stage investors creates the false appearance that investors are profiting from a legitimate business.

DWC assists the investigative process by asset location and/or forensic accounting services designed to trace and find assets transferred as part of an improper or fraudulent scheme.

DWC acts to provide fiduciary and other business services necessary to aid federal and state regulators, or other professionals involved, in exposing or proving fraudulent activity or a fraudulent scheme. This includes financial analysis, forensic accounting, asset discovery and other actions taken to discover and then maximize victim recoveries.

DWC acts as a court appointed, or even agreement stipulated fiduciary, to independently operate a subject business or enterprise. This includes taking complete control of the day-to-day business operations, management of cash flow, accounts receivable collections and payable management. These services are done under the supervision of a court or other process where DWC reports on a monthly basis as to all financial and operational activity and maximizes values and recoveries through efficiency and controls over the subject business’ financial activities. DWC’s receivership activities and responsibilities would be defined by the appointing order or document. DWC follows such order unless conditions compel further instruction from the court, or the parties in the receivership, are imposed under agreement.

The attempt to settle a legal dispute through active participation of a third party (mediator) who works to find points of agreement between the parties. Mediation differs from arbitration in which the third party (arbitrator) acts much like a judge but in an out-of-court less formal setting and does not actively participate in the discussion.

A person who is a specialist in a subject, often technical, who may present their expert opinion without having been a witness to any occurrence relating to the lawsuit. The expert often provides their opinion at trial or in aid of the court or the jury in determining liability or other important issues in the case. 

Reports generated by expert witnesses offering an opinion or opinions on specific issues that may be in controversy in a legal case. DWC usually prepares its expert report in connection with these types of assignments. Expert reports generally state facts, discuss details, explain reasoning, and justify the DWC conclusions and opinions relative to the disputed matter or other assignment.

DWC provides expertise and fiduciary protections associated with the disposition of court-controlled asset sales. This can include such things as facilitating auction proceedings; negotiation of sale terms relating to Section 363 sales free and clear of liens and interests; and making sure the asset sale complies with the requirements imposed by the supervising court.

Douglas Wilson Companies can assist attorneys or other parties involved in managing large-scale litigation. DWC can design and implement databases for managing, sorting, indexing, abstracting and coordinating the large volumes of data produced in major litigation, particularly in preparation for trial.

Provisional director is a temporary director appointed by a court to serve on a corporation’s deadlocked board of directors. A provisional director has the same rights and duties as other directors.

This process is used in repositioning companies. It uses analysis and planning to save troubled companies and returns them to solvency. The process can identify the reasons for failure in the market, and correct them. Turnaround management involves management review and analysis to determine why the company is failing. Once the analysis is complete, a long term strategic plan and restructuring plan are created, which may or may not involve bankruptcy. Once approved, turnaround professionals will begin to implement the plan, continually reviewing its progress and make changes to the plan as needed to ensure the company returns to solvency.